Since 1994, DALBAR's Quantitative Analysis of Investor Behavior (QAIB) has been measuring the effects of investor decisions to buy, sell and switch into and out of mutual funds over both short and long-term timeframes. The results have consistently shown that the average investor earns less – in many cases, much less – than mutual fund performance reports would suggest.

DALBAR, Inc. is the nation's leading financial services market research firm and performs a variety of ratings and evaluations of practices and communications that are committed to raising the standards of excellence in the financial services and healthcare industries.

With offices in both the US and Canada, DALBAR develops standards and measurement systems that improve the quality of products, service and compliance for the retirement, mutual fund, broker/dealer, discount brokerage, life insurance, healthcare and banking industries.